Use the simple interest formula

Question

I=Prt or A=P(1+rt) for the following? 

Update : 1.) P=35000, 4% annually, t=3 months Find A.

 

Answer 1

Simple interest formula is I = Prt

Where A = P(1 + rt)

Principal amount = 35000

Rate = 4%

r = 4/100

t = 3 months

12 months = 1 year

3 months = 1/4 year

t = 1/4

Substitute the values in A = P(1 + rt)

A = 35000[1 + (4/100)(1/4)]

A = 35000(1 + 1/100)

A = 35000(101/100)

A = 35350